Credit Suisse Was 2011’s Top Renewable Energy M&A Adviser

Credit Suisse Group AG (CSGN) was the top adviser for renewable-energy mergers and acquisitions in 2011 after participating in the year’s four biggest deals, Bloomberg New Energy Finance said.

Credit Suisse advised on 14 deals totaling $15.6 billion, putting it ahead of Lazard Ltd. (LAZ) and JPMorgan Chase & Co., which tied for second with $10.7 billion in transactions, according to a report today from the London-based researcher. All three worked on 2011’s biggest purchase, Electricite de France SA’s $7.9-billion bid for control of EDF (EDF) Energies Nouvelles.

“This deal in fact dominates the top of the table with all the top six advisers having involvement,” New Energy Finance said in its report.

The tables cover renewable power and smart-energy technologies, including low-energy lighting and meters that help cut electricity use. They included $33.2 billion in transactions last year, up 58 percent from 2010.

Consolidation in the solar and wind industries is set to carry on this year, said Martin Catchpole, head of European renewables at Credit Suisse.

“There will be a continuation of consolidation and mergers in the downstream space in solar and in particular with the wind developer and operator players,” Catchpole said today in a telephone interview. “In the upstream solar side, we’re going to see some consolidation of manufacturers in order to take out supply and make it a more efficient marketplace.”

There’s unlikely to be “significant consolidation” among wind-turbine manufacturers because “the number of leading players is already close to a mature level,” Catchpole said.

Toshiba, Iberdrola

This year’s tables aren’t directly comparable with the ranking made last year, when New Energy Finance split its findings into financial advisers to companies making acquisitions and those targeted for a buyout.

In 2010, Banco Santander SA (SAN) topped the list of those advising companies that made acquisitions while Banco Bilbao Vizcaya Argentaria SA (BBVA) led for targets. The two Spanish banks placed 13th and 61st in this year’s chart respectively. Under the new methodology, Credit Suisse would have placed ninth in 2010, New Energy Finance said.

Toshiba Corp. (6502)’s $2.3 billion acquisition of meter-maker Landis+Gyr, Iberdrola SA (IBE)’s $2.1 billion purchase of an extra 20 percent of existing subsidiary Iberdrola Renovables SA, and Total SA’s $1.6 billion bid for 60 percent of SunPower Corp (SPWR). were the next biggest deals after EDF.

EDF was the biggest acquirer in 2011, followed by Toshiba, Iberdrola, Total and Zhejiang Haitong Food, which bought a solar photovoltaic products manufacturer for $978 million, according to the league tables.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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